Gray Rohrer |
“Florida has more vacant homes in foreclosure than any other state in the nation, easily beating out other large states with troubled housing markets, according to a report released Thursday by RealtyTrac, a California company that tracks distressed properties.
There are 55,503 housing units in foreclosure in Florida that are vacant. That’s 33 percent of the 167,680 vacated foreclosures in the country. Florida’s vacated foreclosures are more than the next five highest states combined — Illinois, California, Ohio, New York and New Jersey.
The vacated properties are a drag on property values because many are left neglected, although some cities in Florida have passed ordinances requiring banks to pay for the upkeep of foreclosed homes.
Combined with Florida’s lengthy foreclosure process, the vacated properties add to the state’s “shadow inventory” of homes that have yet to hit the market. Since foreclosed homes typically sell for much lower than market value, new foreclosed properties steadily being dumped on the market will dampen home values.
The average foreclosure takes 893 days in Florida — nearly two and a half years, according to a report released Wednesday by state economists. There are also 22 percent of mortgages in Florida that are either delinquent or behind on payments as of April, in addition to the 10.5 percent in foreclosure.”